UK Personal Debt
People in the UK owed £1.512 trillion at the end of November 2016. This is up from £1.460 trillion at the end of November 2015 – an extra £1017.04 per UK adult.
The average total debt per household – including mortgages – was £55,982 in November. The revised figure for October was £55,856.
Per adult in the UK that’s an average debt of £29,930 in November – around 113.2% of average earnings. This is slightly up from a revised £29,836 a month earlier.
Based on November 2016 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £50.574 billion.
- That’s an average of £139 million per day.
- This means that households in the UK would have paid an average of £1,873 in annual interest repayments. Per person that’s £1,001 – 3.79% of average earnings.
According to the Office for Budget Responsibility’s November 2016 forecast, household debt is predicted to reach £2.294 trillion in Q1 2022. This makes the average household debt £84,964 (assuming that the number of households in the UK remained the same between now and then).
Outstanding consumer credit lending was £192.19 billion at the end of November 2016.
- This is up from £178.3 billion at the end of November 2015, and is an increase of £275.54 for every adult in the UK.
Per household, that’s an average consumer credit debt of £7,118 in November, up from a revised £7,047 in October – and £515.37 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,806 per UK adult. This is up from a revised £3,768 in October.
Total credit card debt in November 2016 was £66.7bn. Per household this is £2,469 – for a credit card bearing the average interest, it would take 25 years and 6 months to repay if you made only the minimum repayment each month.
The minimum repayment in the first month would be £58 but reduces each month. If you paid £58 every month, the debt would be cleared in around 5 years and 4 months.
Total net lending to individuals by UK banks and building societies rose by £5.1 billion in November 2016 – or £170m a day.
- Net mortgage lending rose by £3.2 billion in the month; net consumer credit lending rose by £1.9 billion.
- In Q3 itself they wrote off £801 million (of which £584 million was credit card debt) amounting to a daily write-off of £8.7 million.
Citizens Advice Bureaux across England and Wales dealt with 612,209 new enquiries in the three months between July and September 2016.
Debt was the second largest advice category (behind Benefits) with 366,000 issues. This unchanged on the same period last year. Debt issues represented 26% of all problems dealt with over the period.
Based on quarterly figures up to the end of September 2016, Citizens Advice Bureaux in England and Wales are dealing with 4,022 debt problems every working day.
- CAB cite the loss of legal aid and falling trends in many individual debt types for the reduction in debt advice cases.
Everyday in the UK
The population of the UK grew by an estimated 1,286 people a day between 2014 and 2015.
On average, a UK household spends £3.25 a day on water, electricity and gas.
264 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 28 seconds.
41 million plastic card purchase transactions were made every day in October 2016, with a total value of £1.78 billion.
8.7m cash machine transactions were made every day in November with a value of £356m.
2,102 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £2,030.
Citizens Advice Bureaux in England and Wales dealt with 4,022 new debt problems every day during the quarter ending June 2016.
15 properties are repossessed every day, or one every 1 hour and 32 minutes.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 32 a day.
1,282 people a day reported they had become redundant between August and October.
Net lending to individuals in the UK increased by £170 million a day.
The Government debt grew by £420m a day during October 2016 (£4,861 per second).
Borrowers would repay £139 a day in interest over a year, based on September 2016 trends.
It costs an average of £30.23 per day to raise a child from birth to the age of 21.
49 mortgage possession claims and 27 mortgage possession orders are made every day.
374 landlord possession claims and 284 landlord possession orders are made every day.
The number of people unemployed for over 12 months fell by 282 per day August and October.